Mar 31, 2015
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention on an accrual basis and in accordance with the applicable
accounting standards and the relevant provisions of the Companies Act,
2013.
(b) USE OF ESTIMATES
The preparation and presentation of financial statements in conformity
with the Generally Accepted Accounting Principles requires estimates
and assumptions to be made that affect the reported amount of assets
and liabilities on that date of the financial statements and the
reported amounts revenue and expenses during the reporting period.
Difference between the actual result and the estimates are recognized
in the period in which the results are known / materialized.
(c) INVENTORY VALUATION
Inventories of Raw Material, Packing Material, Stores & Spares, Traded
Goods, Finished Goods and Work in Progress are valued at Lower of Cost
and Net Realizable Value. The Cost is arrived at FIFO basis for Raw
Material, Packing Material, Stores & Spares and Traded Finished Goods,
Cost for Work in Process and Finished Goods is arrived at on estimated
cost basis.
(d) REVENUE RECOGNITION
1 Revenue from sale of goods is recognized when ownership in goods is
transferred to the customers, which is at the point of dispatch, Sales
are accounted net of sales return and Value Added Tax wherever
applicable.
2 Dividend income is recognised when the company's right to receive
dividend is established by the reporting date.
3 Interest income is recognised on^a time propprtion basis taking in
to account the amount invested and the rate of interest.
(e) FIXED ASSETS AND DEPRECIATION
1 Fixed assets are stated at cost less accumulated depreciation /
amortisation
2 Depreciation on tangible fixed assets is provided on written down
value method at the rates and manner specified in the schedule II to
Companies Act, 2013.
3 Intangible assets are identified when the assets are expected to
provide future enduring economic benefits. The assets are identified
in the year in which the relevant asset is put to use in the
production or supply of goods or services, The assets are amortised
over a period of estimated useful life as determined by the
management.
* Expenditure on Computer Software is amortised over a period of
three years on straight line method,
(f) FOREIGN CURRENCY TRANSACTION
1 All transaction in foreign currency is recorded at the exchange rate
prevailing on the date of transaction, All foreign currency Assets and
Liabilities not covered by forward contract are reinstated at the
exchange rates prevailing at the year end, gain or loss on this are
recognised to the Statement of Profit and Loss as exchange rate
difference. Inrespect of transaction covered by forward contract the
difference between the contract rate and the spot rate on the date of
transaction is charged to statement of profit and loss over the period
of contract.
(g) INVESTMENTS
1 Investments are either classified as Current or Long Term based on
Management's intention at the time of purchase. Long Term Investments
are stated at cost of acquisition. Provision for diminution in value
of Investments is made only if such decline is other than temporary in
the opinion of the management. Current Investments are valued at lower
of cost or fair value of the investments.
(h) EMPLOYEE BENEFIT
1 Liabilities in respect of defined benefit plans other than Provident
Fund are determined based on actuarial valuation made by an
independent actuary as at the balance sheet date. The actuarial gains
or losses are recognised immediately in the Statement of Profit and
Loss.
2 Contribution payable to the recommended Provident Fund and ESIC
payments have been charged to revenue.
3 Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Statement of Profit and Loss of the year
in which the related service is rendered.
(i) LEASE
1 Lease rental in respect of assets acquired under operating leases
are charged of to the statement of profit and loss.
2 Leases, where the lesser effectively retains substantially all the
risk and benefits of owership of leased item, are classified as
operating leases
3 Leases in which the company does not transfer substantially all the
risk and benefits of ownership of the assets are classified as
operating leases. Assets subject to operating leases are included in
fixed assets. Lease income on an operating lease is recognised in the
statement of profit and loss on a straightline basis over the lease
term. Costs, including depreciation, are recognised as an expense in
the statement of profit and loss. Initial direct costs such as legal
cost, brokerage cost, etc, are recognised immediately in the statement
of profit and loss.
(j) EARNING PER SHARE
1 Basic earnings per share is computed by dividing net profit or loss
for the period attributable to equity shareholders by the weighted
average number of share outstanding during the year. Diluted earnings
per share amounts are computed after adjusting the effects of all
dilutive potential equity shares except where the result would be
anti-dilutive. The number of shares used in computing diluted earning
per share comprises the weighted average number of shares considered
for deriving basis earning per share, and also the weighted average
number of equity share, which could hVye been issued on the conversion
of all dilutive potential equity share.
(k) TAXATION
1 Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of the Income Tax Act, 1961.
2 Provision for Deferred Tax is made for ail timing differences
arising between taxable income and accounting income at rates that
have been enacted or substantively enacted as of the balance sheet
date. Deferred tax assets are recognised only if there is a certainty
that they will be realised and are reviewed for the appropriateness of
their respective carrying values at each balance sheet date.
(l) IMPAIRMENT OF ASSETS
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the assets.
If such recoverable amount of the assets is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recongnized in the
Statement of Profit and Loss. If at the balance sheet date there is an
indication that if previously assets impairment loss no longer exists,
the recoverable amount is reassessed and the assets is reflected at
the recoverble amount subject to a maximum amount depredated
historical cost.
(m) PROVISION & CONTINGENT LIABILITY
The Company creates a provision when there is a present obligaton as a
result of a past event that probably requires an outflow of resources
and a realiable estimate can be made of the amount of the obligation.
A disclosure for contingent liability is made when there is possible
obligation or a present obligatin that may, but probably will not,
require and outflow of resources.Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote no provision or disclosure is made.
Mar 31, 2014
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention on an accrual basis and In accordance with the applicable
accounting standards and the relevant provisions of the Companies Act,
1956 and Companies Act, 2013 wherever applicable
(b) USE OF ESTIMATES
The preparation and presentation of financial statements in conformity
with the Generally Accepted Accounting Principies requires estimates
and assumptions to be made that affect the reported amount of assets
and liabilities on that date of the financial statements and the
reported amounts revenue and expenses during the reporting period.
Difference between the actual result and the estimates are recognized
in the period in which the results are known / materialized.
(c) INVENTORY VALUATION
Inventories are valued at Lower of Cost and Net Realizable Value. The
Cost is arrived at FIFO basis for Raw Material, Packing Material,
Stores and Spares. Cost for Work in Process and Finished Goods is
arrived at on estimated cost basis.
(d) REVENUE RECOGNISATION
Revenue from sale of goods is recognized when ownership in goods is
transferred to the customers, which is at the point of dispatch. Sales
are accounted net of sales return and Value Added Tax wherever
applicable.
Triochem Products Limited
NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2014
(e) FIXED ASSETS AND DEPRECIATION
1 Fixed assets are stated at cost less accumulated depreciation
2 Depreciation is provided on written down value method at the rates
and manner specified in the schedule XIV of Companies Act, 1956, on the
originat cost of the asset. Depreciation on additions of fixed assets
costing less than Rs.5000/- have been provided at 100% on pro-rata
basis and depreciation on assets Costing more than Rs.5000/- have been
provided on pro-rata basis from the date of put to use of such additions.
{f) FOREIGN CURRENCY TRANSACTION
1 All transaction in foreign currency is recorded at the exchange rate
prevailing on the date of transaction. All foreign ; currency Assets
and Liabilities are reinstated at the exchange rates prevailing at the
year end, gain or loss on this are recognised to the Statement of
Profit and Loss as exchange rate difference.
(g) INVESTMENTS
1 Investments are either classified as Current or Long Term based on
Management''s intention at the time of purchase.
LongTerm Investments are stated at cost of acquisition. Provision for
diminution in value of Investments is made only if suchde clinet is
other than temporary in the opinion of the management.
2 Dividend are accounted for as and when received (h) EMPLOYEE BENEFIT
1 Liabilities in respect of defined benefit plans other than Provident
Fund are determined based on actuarial valuation made by an
independent actuary as at the balance sheet date.
The acturial pins or losses are recognised immediately in the
Statement of Profit and Loss. ;
2 Contribution payable to the recommended Provident Fund and ESIC
payments have been charged to revenue.
3 Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Statement of Profit and Loss of the year
in which the related service is rendered
(i) EARNING PER SHARE
1 The earning considered in ascertaining the company''s EPS comprises
the net profit after tax. The number of shares | used in computing
Basic EPS is the weighted average number of shares outstanding during
the year. The Earning per share is calculated by dividing the Net
Profit after tax by the weighted average number of Equity Shares
outstanding during the year.
0) TAXATION
1 Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in
1 accordance with the provisions of the income TaxAct, 1961.
2 Provision for Deferred Tax is made for all timing differences arising
between taxable income and accounting income at rates that have been
enacted or substantively enacted as of the balance sheet date.
Deferred tax assets are recognised only if there is a certainty that
they will be realised and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
(k) IMPAIRMENT OF ASSETS
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates the recoverable amount of the assets,
If such recoverable amount of the assets is less than its carrying
amount, the carrying amount is reduced to its recoverable amount.
The reduction is treated as an impairment loss and is recongnized in
the Statement of Profit and Loss. If at the balance sheet date there
is an indication that if previously assets impairment loss no longer
exists, the recoverable amount is reassessed and the assets is
reflected at the recoverble amount subject to a maximum amount
depreciated historical cost.
(I) PROVISION & CONTINGENT LIABILITY
The Company creates a provision when there is a present obligaton as a
result of a past event that probably requires an i outflow of resources
and a realiable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is possible
obligation or a present obligatin that may, but probably will not,
require and outflow of resources.Where there Is a possible obligation
or a present obligation in respect of which the likelihood of outflow of
resources is remote no provision or disclosure is made.
Mar 31, 2012
1.01 BASIS OF PREPARATION OF FINANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention on an accrual basis and in accordance with the applicable
accounting standards and the relevant provisions of the Companies Act,
1956.
1.02 USE OF ESTIMATES
The preparation and presentation of financial statements in confirmity
with the Generally Accepted Accounting Principles requires estimates
and assumptions to be made that affect the reported amount of assets
and liabilities on that date of the financial statements and the
reported amounts revenue and expenses during the reporting period.
Difference between the actual result and the estimates are recognized
in the period in which the results are known/materialized.
1.03 FOREIGN CURRENCY TRANSACTION
All transaction in foreign currency is recorded at the exchange rate
prevailing on the date of transaction. All foreign currency Assets and
Liabilities are reinstated at the exchange rates prevailing at the year
end, gain or loss on this are recognised to the Profit and Loss account
as exchange rate difference.
1.04 TAXATION
1 Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of the Income Tax Act, 1961.
2 Provision for Deferred Tax is made for ail timing differences arising
between taxable income and accounting income at rates that have been
enacted or substantively enacted as of the balance sheet date. Deferred
tax assets are recognised only if there is a certainty that they will
be realised and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
1.05 IMPAIRMENT OF ASSETS
The Company assesses at each balance sheet date, whether there is any
indication that an asset may be impaired. If any such indication
exists, the management estimates there coverable amount of the assets,
If such recoverable amount of the assets is less than its carrying
amount, the carrying amount Is reduced to its recoverable amount The
reduction is treated as an impairment loss and is recognized in the
Statement of Profit and Loss. If at the balance sheet date there is an
indication that if previously assets impairment loss no longer exists,
the recoverable amount is reassessed and the assets is reflected at the
recoverable amount subject to a maximum amount depreciated historical
cost.
1.06 PROVISION & CONTINGENT LIABILITY
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a readable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require and outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote no provision or disclosure is made.
Mar 31, 2011
A BASIS OF PREPARATION:
The financial statements are prepared under the historical cost
convention on an accrual basis and in accordance with the applicable
accounting standards and the relevant provisions of the Companies Act,
1956 B FIXED ASSETS & DEPRECIATION: The Company has provided
depreciation on all the fixed assets on the written down value basis
adopting the rates and the manner prescribed in Schedule XIV of the
Companies Act, 1956.
C REVENUE RECOGNITION:
Revenue from sale of goods is recognised when ownership in goods is
transferred to the customers, which is at the point of despatch. Sales
are accounted net of sales return.
D VALUATION OF INVENTORIES:
All inventories are valued at lower of cost and net realisable value.
The cost is arrived at FIFO basis for all inventories.
E INVESTMENTS:
Long Term Investments are stated at cost of acquisition. Provision for
diminution in value of Long Term Investments is made only if such
decline is other than temporary in the opinion of the management.
Dividends are accounted for as and when received.
F EMPLOYEE BENEFITS:
1 Liabilities in respect of defined benefit plans other than Provident
Fund Schemes are determined based on actuarial valuation made by an
independent actuary as at the balance sheet date. The actuarial gains
or losses are recognised immediately in the Profit and Loss account.
2 Defined Contribution to Provident Fund and ESIC payments have been
charged to revenue.
3 Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Profit and Loss account of the year in
which the related services is rendered.
G FOREIGN CURRENCY TRANSACTIONS: All foreign exchange transactions are
recorded at the exchange rate prevailing on the date of transaction.
All foreign currency Assets / Liabilities are reinstated at the
exchange rates prevailing at the year end, gains or loss on this are
recognised to the Profit and Loss account as exchange rate difference.
H TAXATION:
1 Provision for current tax is made on the basis of the estimated
taxable Income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961.
2 The deferred tax for timing difference between the book profits and
tax profits for the year is accounted for using the tax rate and laws
that have been enacted or substantially enacted as of the Balance Sheet
date Deferred Tax assets arising from timing differences are recognized
to the extent there is a virtual certainty that these would be realized
in future and are review for the appropriateness of their respective
carrying values at each Balance Sheet date.
3 Fringe Benefit Tax is determined at current applicable rates on
expenses falling within the ambit of "Fringe Benefit Tax" as defined in
the Income Tax Act, 1961.
I LEASE:
Lease rentals in respect of assets given under operating leases are
credited to the Profit and Loss account J IMPAIRMENT OF ASSETS: The
Company assesses at each balance sheet date whether there is any
indication that an asset may be imparied. If any such indication exits,
the management estimats the recoverable amount of the assets If such
recoverable amount of the assets is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The reduction is
treated as an impairment loss and is recognized in the profit and loss
account. If at the balance sheet date there is an indication that is a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount subject to a maximum of depreciated histrocial cost
K Provision and Contingent Liabilities: The Company creates a provision
when there is a present obligation as a result of a past event that
probably requires an outflow of resources and a reliable estimate can
be made of the amount of the obligation. A disclosure for a contingent
liability is made when there is a possible obligation or a present
obligation that may, but probably will not, require an outflow of
resources. Where there is a possible obligation or a present obligation
in respect of which the likelihood of outflow of obligation or a
present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Mar 31, 2010
A BASIS OF PREPARATION:
The financial statements are prepared under the historical cost
convention on an accrual basis and in accordance with the applicable
accounting standards and the relevant provisions of the Companies Act,
1956
B FIXED ASSETS & DEPRECIATION:
The Company has provided depreciation on all the fixed assets on the
written down value basis adopting the rates and the manner prescribed
in Schedule XIV of the Companies Act, 1956.
C REVENUE RECOGNITION:
Revenue from sale of goods is recognised when ownership in goods is
transferred to the customers, which is at the point of despatch. Sales
are accounted net of sales return.
D VALUATION OF INVENTORIES:
All inventories are valued at lower of cost and net realisable value.
The cost is arrived at FIFO basis for all inventories.
E INVESTMENTS:
Long Term Investments are stated at cost of acquisition. Provision for
diminution in value of Long Term Investments is made only if such
decline is other than temporary in the opinion of the management.
Dividends are accounted for as and when received.
F EMPLOYEE BENEFITS:
1 Liabilities in respect of defined benefit plans other than Provident
Fund Schemes are determined based on actuarial valuation made by an
independent actuary as at the balance sheet date. The actuarial gains
or losses are recognised immediately in the Profit and Loss account.
2 Defined Contribution to Provident Fund and ESIC payments have been
charged to revenue.
3 Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Profit and Loss account of the year in
which the related services is rendered.
G FOREIGN CURRENCY TRANSACTIONS:
All foreign exchange transactions are recorded at the exchange rate
prevailing on the date of transaction. Ail foreign currency Assets /
Liabilities are reinstated at the exchange rates prevailing at the year
end, gains or loss on this are recognised to the Profit and Loss
account as exchange rate difference.
H TAXATION:
1 Provision for current tax is made on the basis of the estimated
taxable Income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961.
2 The deferred tax for timing difference between the book profits and
tax profits for the year is accounted for using the tax rate and laws
that have been enacted or substantially enacted as of the Balance Sheet
date Deferred Tax assets arising from timing differences are recognized
to the extent there is a virtual certainty that these would be realized
in future and are review for the appropriateness of their respective
carrying values at each Balance Sheet date.
3 Fringe Benefit Tax is determined at current applicable rates on
expenses falling within the ambit of "Fringe Benefit Tax" as defined in
the Income Tax Act, 1961.
I LEASE: Lease rentals in respect of assets given under operating
leases are credited to the Profit and Loss account.
J IMPAIRMENT OF ASSETS:
The Company assesses at each balance sheet date whether there is any
indication that an asset may be imparled. If any such indication
exits, the management estimats the recoverable amount of the assets If
such recoverable amount of the assets is less than its carrying amount,
the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognized in the
profit ans loss account. If at the balance sheet date there is an
indication that is a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the assets is
reflected at the recoverable amount subject to a mximum of depreciated
histrocial cost.
K Provision and Contingent Liabilities:
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article